Oh, it is a legitimate hearing alright. The fact that CMKX has nothing of an exculpatory nature to present may well turn it into a "formality." That can hardly be blamed on the SEC. CMKX would not have been in this position if they had not falsely (and intentionaly) told the SEC they were not required to file because they were under the shareholder threshold. This whole problem is entirely of their own making. I can't feel sorry for a man who literally stole 10s of millions of dollars. Many of the shareholders certainly do deserve sympathy. Some others deserve jail, because they were essential in the scheme. There is no way i will be convinced that many of the better known pumpers were not compensated shills.
I would disagree with one other thing. CMKX will not come out swinging at the hearing. They will go there with hat in hand, asking and hoping for mercy. All the attorneys are there for Urbie's benefit, and no one else's. Their first task is to make sure Urbie doesn't incriminate himself any more than he already has. Their second task is to negotiate the best deal possible for him ... and to hell with the shareholders. IMO, this one has voluntary revocation written all over it.
So why have a hearing at all if it is just a formality ?
.. do you expect CMKX to just sit at the hearing like a bump on a log ? I think not.
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